MSc Management Management Essentials Assignment Sample
Introduction
In a company, good management practices may help in the optimization of the available resource in addition to the utilisation. The management practices in a company also promote creating group goals which in turn lead to uniformity being maintained in the companies.
Proper management practices implemented in the company may help in maintaining the equilibrium in the society and evolve with the necessary changes with the developing society. Management of any company utilises human and financial resources and with the help of good practices in the management of the company, reduction of the cost may be possible.
Through the good management practices in a company, the managers are able to be in touch with the employees catering to the needs of the employees. The company is able to keep note of the strengths and weaknesses of the employees in the company for better utilisation in the future.
Good management practices may be used by companies to focus on the individual strengths of the employees and then distribute the jobs accordingly. In good management practice, the employees show appreciation and the recognition of the work effort provided for the betterment of the company, to retain the employees of the company.
In this report, the management practices of Netflix along with the challenges faced by Netflix may be discussed in detail. The report may also contain how the management skills of the Netflix team have an impact on employee engagement and the organisational running of the company (Netflix.com. 2022). http://MSc Management Management Essentials Assignment Sample
The values of Netflix may also be shared which may be aligned with the management practices notions, the study may be done to understand the level of effort given by the Netflix management team to retain the employees as well as maintain the name in the digital platform.
Task 1 – Management Practice at Netflix
Netflix’s Mission
Netflix’s mission as a company is to “entertain the world”, provide the optimum services to the consumers, and meet the diversified tastes of the consumers. Netflix focuses on sustainable development which is maintained throughout the supply chain to increase the company’s productivity.
Values
Netflix’s core values lie in the encouragement of the team, decision-making freedom, encouragement, and practising ethical behaviour within the company as well as the supply chains. Passion and creative thinking are maintained in addition to diversified employees to maintain cultural appropriateness are the main values practised in the workplace of Netflix.
Management practices
Netflix through good management practices aims to achieve excellence in the digital platform, the good management practices may include
Keeping and hiring the best of talents
A good environment in the workplace helps in bringing out the talents of the employees and also the highly talented employees working in a good workplace help to encourage the team. In addition to that dream team of a company comprises the hiring of the new talents and making investments in keeping the most talented in the company.
In Netflix, with the help of good management practices, the highly talented potential employees are selected, and the selected candidates are then encouraged and motivated to bring out the best of the talents. In Netflix collaboration, sharing of the information among the employees is practised which helps in keeping the team together (Corritore et al., 2020).http://MSc Management Management Essentials Assignment Sample
Netflix was able to grow from about 8000 to 10000 full-time employees globally in the year 2021, where Netflix was able to hire employees of all ethnic and diversified backgrounds (Kerr, 2021). Netflix was also able to make a gender-balanced workforce holding about 51.7% of the global workforce which was an increase from 48.7% in 2020 (Netflix.com. 2022).http://MSc Management Management Essentials Assignment Sample
Figure 1: Gender representation in Netflix
(Source: Netflix.com. 2022)
Decisions are accepted by employees
Decision making has given away towards the employees feeling a sense of freedom in Netflix, the managers are involved in the workspace of the employees, however, and before the final decision is taken the opinions of the employees are heard.
This is one of the management practices in Netflix, where the employees are encouraged to make decisions, and the strategy is used to build a sense of creative independence among the employees. Netflix utilizes the inputs from the peers, leaders and the employees may in turn help in the better decision and improve the company.
The input of the opinions from the subordinates denotes the democratic leadership theory is followed where options and the decisions inputs are then studied by the leaders to improvise on the changes required (Syamsidar et al., 2021). http://MSc Management Management Essentials Assignment SampleNetflix also utilizes democratic leadership in management practices to gain the employee’s trust and encourage better performances.
Communicating and directly with the employees
In Netflix, the management practices are put forward to encourage the employees to listen and study every situation before responding. The management practices help the employees to stay calm before any stressful projects which encourage the workforce to gather time to access the situation.
The higher authorities provide space for the employees to open up about difficult situations and gain insights into the issues to come up with possible solutions. Similarly, creative ideas and innovations are always welcomed with open arms, sharing of ideas and concepts is encouraged among all levels of employees to help build up the communication level in the team.
Sustainability maintaining
Among the management practices of Netflix, the company also maintains the sustainable development of the company in the industry. Netflix has been investing in projects around the world intending to remove the carbon footprint of the company.
Netflix follows the three main steps remove, retain and reduce to be implemented in the sustainable development of the company in the society. The triple bottom line theory is practised by companies to measure the social and environmental impact on the society which consists of the three P such as People, Planet and Profit (Hilmi et al., 2021).http://MSc Management Management Essentials Assignment Sample
The link between three elements
In maintaining good management practices in Netflix, employee satisfaction, the open environment in the workspace, and the encouragement of the employees are to be followed. In addition to that, the maintenance of the Code of ethics and the value system of every culture is respected in the workspace which is part of the management practices on Netflix.
The environmental importance while creating carbon footprints is also kept in check for the betterment of the environment as well as to increase the company’s face value among the consumers (Pangarkar et al., 2021).http://MSc Management Management Essentials Assignment Sample All the management practices in Netflix have to go hand in hand toward meeting the mission and vision goal of the company as a whole.
Task 2 – Key Business Challenge for Netflix
The streaming platform has become quite well-known among the population and it has helped people to watch different kinds of movies and series online without any kind of hindrance also the flexibility of the use of the platforms has become quite friendly and most used by the consumers that helps the companies to progress well.
Managing creativity
The company Netflix is a worldwide company and is most used by consumers all around the world for its low prices and even friendly and flexible use. Moreover, the most challenging situation for Netflix is that the company is facing numerous competitors in the market which has led the company to a difficult situation as several consumers have switched to many other platforms such as Amazon Prime, Disney and much more.
The consumers’ main priority while selecting a streaming platform is to look into the prices offered by the company and the amount the consumers are able to save money and even enjoy better quality services.
The Netflix streaming services costs around $10.99 per month while Amazon costs around $12.99 per month and also Netflix provides other beneficial packages to the consumers especially access streaming through multiple devices and 4K HDR streaming while Amazon provides a facility of unlimited free two-day shipping from any purchase from Amazon (Refer to appendix 1).
Netflix does not have many innovative facilities which have led the company to face greater challenges in the market that failed in providing good profits for the company (Anindita, 2021).http://MSc Management Management Essentials Assignment Sample
Figure 2: Creativity management
(Source: Anindita, 2021)
The company in order to mitigate the challenges has to make sure that the management procedure and implementation of the creative management of the company have to be good so that it helps the company to flourish well in the competitive market situation.
Furthermore, one of the management competencies of the company is creativity which helps the company to flourish well and even helps in understanding the working of the company effectively.
The company makes sure that the company is able to take feedback from the consumers so that it helps in the continuous experimentation of the company to make sure that the demands of the consumers are fulfilled and helps in encouraging the employees to try new ideas so that it helps in retaining the consumers.
The distribution technology and effective business model help in effective service management and also helps in managing the competitors of the company quite well (Lobato and Lotz, 2020).http://MSc Management Management Essentials Assignment Sample Therefore, the company with the help of the Four C model of creativity helps in managing the company to understand the creativity that helps in managing the challenges faced by the company effectively.
Managing decision-making
The management competency of the decision-making process of the company helps the company in the time of crisis to narrow down to any kind of particular decision as it helps the company to grow well. Additionally, the company has to make sure that the company is able to take up effective management of the quality so that it helps the company to maintain the loyalty of the consumers as it helps in maintaining the innovation management of the company quite well.
The company faces major challenges in these cases such as the content of the video may sometimes not be good and also the selection of the movies and series streaming on the platforms may not be able to attract the audience which leads the company to lose profits highway and even loyal consumers (Refer to appendix 2).
The company has to maintain the marketing strategy quite effectively so that it helps in operating the digital business quite effectively also helps in maintaining the brand position, and product promotion and helps in expanding the growth and development of the business quite well (Nafees et al., 2021).http://MSc Management Management Essentials Assignment Sample
The mitigation of the challenges may be possible with the help of an effective decision-making process that helps the company to take effective decisions by understanding the demands and desires of the consumers which helps the company to progress well.
However, the company has to make sure that the company is able to manage the challenges by better understanding the situation in the competitive market with other streaming platforms so that it helps the company to maintain the competition within the market.
The company is trying effectively to lower the costs so that it helps in attracting the customers and also by making sure that the operations management helps in the global expansion by maintaining the creativity that helps in creating better quality content for the company (Lambert, 2022).http://MSc Management Management Essentials Assignment Sample
The challenge faced by the company may be mitigated with the help of joint decision-making power of the company by making sure that the decisions taken up by the company jointly by employees and managers help in maintaining the sustainability of the company within the market quite well.
Task 3 – The Potential Impact of Netflix Managers’ Emotional Intelligence on Employee Engagement and Organisational Performance
The potential impact of the emotional intelligence understanding by managing the behaviour and management of the dress and communication management of the company helps in reducing the challenges faced by the company.
The company has to make sure that the company is able to promote the services and make people aware of the reduction of costs and also have to make sure that the consumers are highly aware of the subscription of the streaming platform.
The company has to make sure that the employees of the company are not engaged in any kind of conflict situation which helps in understanding the competitive advantage for better management of the company effectively (Farjoun and Fiss, 2022). http://MSc Management Management Essentials Assignment Sample
Therefore, with the help of effective strategies and emotional intelligence theory the company has been able to make the employees quite aware, and helped in managing and helped in making relationship management of the company with other collaborators effectively.
The managers’ emotional intelligence of the company helps in managing the challenges faced by the company and also helps the company to flourish well with the help of effective creativity and decision-making management.
The managers of the company have to be good at understanding the challenges and the way the challenges are mitigated effectively so that it helps the company to progress well by fulfilling the demands of the consumers effectively.
The economical advantage of the company through the use of digital platforms is influenced by the management of the digital infrastructure and understanding of the various innovative technologies that help in the positive transformation of the company quite well (Webb et al., 2022). http://MSc Management Management Essentials Assignment Sample
The context and quality of the video play a significant role in flourishing the platform in the globally competitive market as it helps the managers to manage every minute details that help the company to progress well.
Figure 3: Emotional Intelligence theory
(Source: Webb et al., 2022)
Impact of Netflix Managers’ Emotional Intelligence on Employee Engagement
The employee engagement of the company helps the company to progress well and it helps the company to progress well in the global market situation as it helps the company to reach the growing population and helps in reaching an effective organisational performance for the company.
Moreover, the performance of the company is managed effectively by understanding the behaviours of the employees and the way the company is able to monitor the behaviour of the company so that it helps in better cooperation and coordination among the employees of the company.
The employee engagement of the company helps in the selection, development, training and leadership management of the company that helps the company to understand the limitations and helps in influencing the behaviour of the employees by the managers quite well for the benefit of the company (Barreiro and Treglown, 2020). http://MSc Management Management Essentials Assignment Sample
Employee engagement is possible with the help of effective leadership management that helps in bringing the employees together be it decision making or creative ideas forecasting, either way, it not only becomes beneficial for the working of the company, it becomes a boon for the development of the company.
The healthy interaction of the employees helps the company to flourish in the competitive market situation and helps in building better reactions with the customers quite effectively. Therefore, the environmental situation of the company has to be good so that it helps the employees to work well and also it helps in managing and mitigating the challenges brought in creativity and decision-making that puts the economical progress of the company.
Impact of Netflix Managers’ Emotional Intelligence on Organisational Performance
The company allows the employees to take necessary decisions and actions that are beneficial for the company and even the employees are highly responsible for it that helps in making the workplace more flexible, fun, collaborative and successful. Furthermore, the company also makes sure that the companies are able to provide effective mentoring and even career development activities that help the company in fulfilling the needs and preferences effectively.
The company has to make sure that the employees are satisfied with the job and make sure that the job satisfaction helps in maintaining and enhancing the attitudes of the employees quite effectively so that it helps in the development of the company in the global arena (Extremera et al., 2018).http://MSc Management Management Essentials Assignment Sample
The consumer’s customs practices help in the creativity management and also help in maintaining the finances of the company by merchandising and by healthy development of the company that helps in the corporate cultural management of the company quite well (Refer to appendix 3).
Human resource development helps in maintaining employee engagement that helps maintain the leadership management and even helps in the organisational management of the company quite well (Milhem et al, 2019).http://MSc Management Management Essentials Assignment Sample Thus, the company also has to make sure that in order to make organisational development possible the company has to manage the performance of the company and also help the company in its growth and development quite well.
Task 4 – The Alignment of Netflix Values and Management Practice
Resilience
The values and management of the company Netflix help the company to flourish well in the global market and even the values followed by the employees of the company help the company to effectively grow and develop well.
Moreover, the company’s HRM policies have to be effective so that it helps the company to progress in the competitive market by making weekly surveys from the employees to understand the working of the company and management structure of the company effectively (Agnihotri and Bhattacharya, 2021).http://MSc Management Management Essentials Assignment Sample
The HRM of the company is extremely at risk as the HRM has to hire qualified employees so that the employees are able to manage the technologies quite well and it helps in sustaining the development and creativity management of the company effectively.
Ethical leadership helps in maintaining and providing an ethical understanding of the company so that it helps in maintaining the ethical behaviour of the employees quite well (Fraga, 2021).http://MSc Management Management Essentials Assignment Sample
The various kinds of conflicts and disputes among the labourers and workers of the company may lead to adverse problems for the company and delays in production and management leads to profit reduction for the company quite well.
Moreover, the company also has to make sure that the company is able to manage the problems so that it helps the company to recover well and effective strategies and programmes lead to the effective working of the company quite well.
Netflix has been able to grow in the global market by making market advantage in various countries it helps the company to operate in various countries without any kind of hindrances and helps the company to maximise the profit quite well (Kokas, 2020).http://MSc Management Management Essentials Assignment Sample
The values and management practices of the company help the company to progress well in the global market and also has helped in mitigating the challenges faced by the company quite effectively.
Thus, the company is able to maintain the global as well as the local effect that helps the company to enhance its performance of the company by managing the creation of the company and also by making collaborative decisions that have helped the company to grow well.
Stakeholders
Netflix as a company has a variety of stakeholders just like other businesses in the market, however, the primary stakeholders of Netflix are the consumers. The consumers or the subscribers pay according to the streaming plans, Netflix on the other hand provides a wide platform catering to the interest of the consumers (Rodríguez, 2022.). http://MSc Management Management Essentials Assignment Sample
In addition to that, Netflix provides a wider audience through the digital platform that televisions or movie theatres may not be able to provide. The values shared between the stakeholder and Netflix is strong as both the parties have a give and take policy running. Since Netflix is a digital platform the ISP providers are also part of the internal stakeholders,
Netflix has to keep a strong bond with professional ethics that has to be maintained as the ISP providers help the company to deliver the contents while maintaining the supreme quality (Pidchamook, 2022). http://MSc Management Management Essentials Assignment SampleThe employees are also considered the internal stakeholders who are responsible for the smooth running of the company.
The values of Netflix towards the employees are to provide an ethical workspace, encouragement, and protection from any cultural discrimination. In addition to that, Netflix also promotes the free decision-making liberties among the employees and has an innovative space for the employees in the company.
Netflix also supports the sharing of ideas, and new concepts among the employees for the free-flowing of new techniques to be included in the content. Inclusiveness and gender equality are values that are also maintained among employees as a part of the management practices.
The value of cultural diversity in the company is also maintained to cater to the needs of understanding the consumer’s tastes and needs. Another more important external stakeholders of Netflix are the Filming studios, the values of Netflix are put forward through the sustainable work area maintained in the studios, the props and the shooting equipment are ethically sourced and the usage of the equipment is kept at the level of limited usage.
The competitors such as Hulu are also external stakeholders, which offer a similar platform providing content to the consumers. However, the healthy competition is maintained by Netflix in the industry which increases the value of the company even more. The media powerhouse is among the stakeholders of Netflix which enables the company to create a wider audience outside the internet platforms.
However, the value of the relationship has to be kept strong as the other media channels help in having partnerships with Netflix to gain access to the shows. Netflix has to maintain a sustainable business by dealing with the stakeholders and respecting the opinions and the customers, Netflix also has to maintain the notion of value in alignment with the management of the employees in the team.
Netflix is responsible for applying the company’s values that are followed to be carried forward to the supply chain so that the same values are implemented in the whole process (Soto, 2020).http://MSc Management Management Essentials Assignment Sample
Figure 4: Stakeholders of Netflix
(Source: Soto, 2020)
Negotiation and conflict
For a smooth operational process in the company, the management team is responsible for applying strategies for Negotiation and conflict management with the internal as well the external factors of the company. Similarly, the management team utilizes the company’s values in maintaining conflict and negotiation in times of crisis (Garzella et al., 2021). http://MSc Management Management Essentials Assignment Sample
The management team utilizes the skills of identifying the lying differences that may lead to conflicts, with the help of the ethical methods the business conflicts are mediated by Netflix. The understanding of the situations of the other party falls under the value system of Netflix, through gaining a better understanding of the issue the conflicts are resolved.
Cross-cultural miscommunication among other companies may arise in the industry, for the open-mindedness of the Netflix team in believing diversity and the interest in learning new languages may help.
The company may be able to mediate any business conflicts through negotiation in the local and regional languages for a better understanding of both parties. In addition to that, the value of integrity is always emphasized in the inner circle as well as the outer circle of the company.
The close relationship between the employers and employees helps in mediating the conflicts quickly through the maintenance of transparency and sharing of relevant information.
The passion-driven value of the company helps to avoid the notion of conflict and negotiation altogether, with a focused target and a fixed mission Netflix rarely comes into conflict at any level.
The passion of the company adds value to the operational process starting from the supply chain to that of the consumers. Negotiations and conflict are mediated with the help of productive and honest feedback which is one of the values of Netflix. The value of independence and freedom is given to the employees on Netflix where innovation and a creative mindset are encouraged, and the lower levels of operations are given to the hands of the employees (Theurer et a., 2018).http://MSc Management Management Essentials Assignment Sample
The freedom given to the employees is to encourage problem-solving among the team without the involvement of the higher authorities. Sharing of ideas and the concepts of culture is also one of the values of Netflix, in which the cultural conflicts due to any content may be easily understood and the possible solution may be identified.
The company values may represent and reflect the diversity in the society, with the ethical notions that are maintained in the company, Netflix is able to mediate the conflicts that may arise due to cultural appropriation or due to the imbalance of the employee diversity in the company.
The maintenance of a strong code of ethics in the company helps in maintaining peace and order and regulates the laws checking conflicts or disturbances in the company. People’s views are heard and respected in the company to avoid any conflict or meet between through negotiations, and the sharing of the ideas is given respect (Dijing, 2021). http://MSc Management Management Essentials Assignment Sample
The captains designated in the company are responsible for listening to the issues of the people, and a single head is responsible to avoid conflicts and negotiate the conflicts with the help of correct judgment.
Teamwork
In Netflix, the whole organisation believes in the team being a professional sports team and not as a family, which focuses on the employees having the back of the others in the team. The Netflix team focuses on bringing out the best of the team members to have a positive impact on the team as a whole (Ren et al., 2020). http://MSc Management Management Essentials Assignment SampleIn addition to that, in Netflix the mindset of the members is put forward by putting the team first over the individuals, the team is about performance and not about seniority.
In Netflix, the members of the company are encouraged to collaborate with each other, and share ideas and creative, innovative information (Corritore et al., 2020).http://MSc Management Management Essentials Assignment Sample These characteristics encourage the team to develop the concept of a team among the members, learning more, achieving the most out of the work, and improving rapidly.
Moreover, to strengthen the team, managers at Netflix perform “keepers test” on a regular basis so that the members leaving the team may get replaced with better qualifications and better experiences. Managers communicate with the employee frequently to understand the issues that the workplace may be creating, and are quick to respond with possible solutions (Westerman et al., 2019). http://MSc Management Management Essentials Assignment Sample
Figure 5: Teamwork at Netflix
(Source: Westerman et al., 2019)
Loyalty is the main quality that the team Netflix is composed of, in the team the members are encouraged to be loyal not only to the company as well as the other team members. The value of loyalty in the team works as a stabilizer to meet disturbances faced in any situation in Netflix.
Though in Netflix teamwork is highly appreciated however, individual growth is not underestimated.
In Netflix the highly talented and capable people working together, the individuals inspire each other, help out each other, and encourage creative collaborations thus, helping the team as a whole to be more productive and more successful (Choudhary et al., 2019).http://MSc Management Management Essentials Assignment Sample Sometimes, while working in a team, plan A may not work and plan B has to be formulated, however, if plan A works out to encourage the team efforts Netflix company offers rewards.
The teamwork in Netflix may be different from other jobs which may offer job stability and importance to seniority, in contrast in Netflix the preference is given to the performance management and excellence is valued (Dipboye, 2018).http://MSc Management Management Essentials Assignment Sample
Freedom and a sense of responsibility are given to the members of the team to gain and build a level of trust among the employees and the higher authorities, the teamwork is focused on solving any raised problems within the team by the team members only (Silveira, 2021).http://MSc Management Management Essentials Assignment Sample The sense of responsibility and goals set help the team members to remain focused on reaching the operational success of the Netflix Company as a whole.
In addition to that, the Teamwork is solely based on the value of trust, integrity and unity that helps the company to achieve the limits of the goals at an exponentially quick pace. In Netflix, the notion of teamwork comprises of all the team members not based on seniority, based on creative mindset are put together to work uniformly in deliberation of ideas and concepts for the contents. Teamwork efficiency in Netflix helps in maintaining the goals of the company by satisfying the consumers and other stakeholders of the company.
Conclusion
In this report, it may be concluded that the company has to make sure that the company is able to understand the emotional intelligence of the employees so that it helps the company to put forward effective leadership for making good progress in the global market situation.
The mission and vision of the company are to provide global entertainment to the consumers with diversified content meeting the needs of every consumer. In addition to that, the values and the ethical and sustainable organizational practices have put a positive impact on the company’s customer image in the industry.
However, the company has faced challenges with competitors such as Amazon, the issues have been able to be mediated with the help of the managerial notion of creative decision and management of the decision making from the company’s end. Moreover, the values within the company have been implemented in the management practices which turned out to be highly beneficial for the smooth running of the brand.
The value of communication between the managers and the employees helped in mediating conflicts within the company, which has resulted in building a sense of bond within the team of the company.
In addition to that, the encouragement of creativity and innovative ideas has helped the company to come up with more diversified content than competitors on the same platform such as Hulu.
The diversified work culture and the maintenance of equality in the workplace regarding gender distribution have helped Netflix gain ethical respect from the consumers. Through such steps being implemented in the internal sector of the company, Netflix is able to gain a huge customer interest making the company at the top preference in the industry.
Lastly, it may be said that Netflix is able to utilize effective management practices along with the values set in the organisation to keep the employees and the consumers happy.
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